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The termination notices issued by Oil and Natural Gas Corp. Ltd to 27 India-registered vessels used in supporting offshore oil exploration mid-way through a three year contract that began in 2014 is a blow to the ˜Make in India initiative of the Narendra Modi government, local fleet owners said.
It also makes these stable revenue-earning contracts for ship owners vulnerable to cancellations before completion of tenure and consequent revenue losses. Eleven of these 27 ships were built at Indian shipyards. ONGC had hired six ships from Shipping Corp. of India Ltd, four from Greatship (India) Ltd (the offshore unit of The Great Eastern Shipping Co Ltd), three each from TAG Offshore Ltd, Samson Maritime Ltd, Global Offshore Services Ltd and ABG FPSO Pvt. Ltd, two from GOL Offshore Ltd and one each from Ocean Sparkle Ltd, Vision Projects Technologies Pvt. Ltd and one more company whose name could not be ascertained.
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